Solution-What amount should be reported as total

What amount should be reported as total contributed capital

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Question - On January 1, 2019, Negros Company was incorporated with following authorized capitalization: Ordinary share capital, 200,000 shares, no par, P100 stated value 20,000,000 Preference share capital, 200,000 shares, 10% fixed rate, P50 par value 10,000,000

During 2019, the entity issued 150,000 ordinary shares for a total of P18,000,000 and 50,000 preference shares at P60 per share.

In addition, on December 15, 2019, subscriptions for 20,000 preference shares were taken at a purchase price of P100. These subscribed shares were paid for on January 15, 2020.

Net income for 2019 was P5,000,000.

Required - What amount should be reported as total contributed capital on December 31, 2019?

Reference no: EM132858640

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What amount should be reported as total contributed capital

Reference no: EM132858640

Reference no: EM132858640

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